IRS issued final regs (T.D. 9864) reiterating if a taxpayer receives or expects to receive a state or local tax deduction exceeding the amount of the payment or fair market value of the property, the federal charitable contribution deduction faces mandatory reduction. The final regs largely mirror the proposed regs of August 2018 with little […]
Displaying: Nick Spoltore, Esq.
5 Lessons Learned From the 2018 Tax Season
Updated October 15, 2019 Now that the extended deadlines have passed for 2018 returns, we can take a moment to reflect on the lessons learned throughout a challenging year. Below we’ve put together five major take-aways we have come across to aid in planning for the 2019 tax year and beyond. To this end, please […]
Tax and the Kentucky Derby
A Horse Named Tax Of the three Triple Crown races, the Kentucky Derby is the most well-known, highest attended, and highest grossing. It’s the most exciting two minutes in sports. And if you’re an accountant this year’s race will leave you beside yourself with excitement. Why you ask? Because there is a horse racing in […]
Top Trends in Continuing Professional Education for 2019
Top Trends in Continuing Professional Education for 2019 Continuing professional education is a necessity for individuals who have either a credential and/or certification to maintain their ability to practice. Accounting professions, beyond certified public accountants, all have respective hours of CPE credits they must fulfill to maintain their ability to practice. Whether their […]
Section 199A Deduction: 2019 Tax Year Implications for Real Estate, Service Businesses and Partnerships
Section 199A Deduction: 2019 Tax Year Implications for Real Estate, Service Businesses and Partnerships The Section 199A deduction was rolled out in December 2017 as part of the Tax Cuts and Jobs Act. Almost as soon as it was introduced, it was met with claims that it was convoluted and needed significant clarification. In response […]
Final Section 199A IRS Regulations Propose Safe Harbor for Rental Real Estate
As you probably are aware, final regulations were issued January 18, 2019 implementing the new Qualified Business Income (QBI) deduction of §199A. In response to arguably the most requested clarification from tax professionals, Notice 2019-07 separately issued a proposed revenue procedure containing a safe harbor under which a rental real estate enterprise will be treated […]
The Section 199A Deduction for “In-Between” Taxpayers
The rollout of the Section 199A deduction has been cause for celebration for many businesses and business owners, but the calculation of the deduction isn’t easy, especially if taxable income is between the deduction threshold amounts. As a CPA or tax preparer, you need to be ready to help calculate the Sec 199A deduction for […]